Mitra Energy said it has been given approval from the Vietnamese government for its reserve assessment reports for the Nam Du and U Minh fields.
The company said agreement has been reached for Mitra to be assigned the full 35% working interest in Block 51 PSC formerly held by the Kuwait Foreign Petroleum compay.
It will take Mitra’s new working interest in the block to 70%.
Chief executive of Paul Ebdale, said: “We are pleased with the continued steady progress being made towards commercialisation of our first gas fields in Vietnam in partnership with
Petrovietnam Exploration Production Corporation.
“Completion of our Outline Development Plans is a significant milestone for Mitra and we look forward to making further significant steps with our gas commercialisation plans through 2016.”